Crypto Analyst Explains Why He Seees These 3 Altcoins As “Millionaire Creators”

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Recently, crypto analyst and influencer Tyler Swope spoke of several cryptoassets that he expects to have “a very bullish end this year.”

In a YouTube video posted Nov. 24, the host of the YouTube channel “Chico Crypto” spoke to more than 298,000 subscribers about five assets that he says are great buys right now: $ OHM, $ KLIMA, $ REN, $ KILT and $ EWT.

In this article, we highlight what he said (according to a Daily Hodl report) about three of his picks: Olympus ($ OHM), Ren ($ REN), and Energy Web Token ($ EWT).

OlympusDAO (OHM)

The Olympus team said they have “built a decentralized, community-owned financial infrastructure to bring more stability and transparency to the world.”

According to Olympus, the problem with dollar stablecoins is that if the dollar depreciates, so will they. Here is their solution: OlympusDAO is trying to solve this problem by “creating a floating reserve currency, OHM, which is backed by a basket of assets.” The hope is that the OHM $ will function as “a currency capable of retaining its purchasing power regardless of market volatility”.

They point out that $ OHM is not a stable coin:

“The OHM aspires to become an algorithmic reserve currency backed by other decentralized assets. Similar to the idea of ​​the gold standard, OHM provides free float value that its users can always rely on, simply because of the fractional cash reserves that OHM derives its intrinsic value from.

Swope says:

“In no time it has become one of the most diverse and protocol-free token treasures in crypto… OHM buyers are incentivized to HODL and participate as APY [annual percentage yields] for staking are foolish. Currently over 7300%!

“Olympus has launched a DeFi revolution, which is evident from the number of forks created based on the protocol… OHM is the most forked protocol of the year, and the number of forks based on its code is reaching levels seen only by three [other] projects: Bitcoin, Ethereum and Uniswap. It’s pure validation that OHM has created something special. ”

Ren ($ REN)

The Ren team says that RenVM is “an open protocol providing access to inter-blockchain liquidity for all decentralized applications.” Specifically, they explain that RenVM is “a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.”

Swope says:

“This token has slipped and in my opinion is ready for a pump… I have a feeling REN is going to grab the top 100 cryptos and maybe even capture their old rank from March and beyond. Why? REN announced that Host-to-Host is coming to its protocol …

“[REN ecosystem advocate] Maximilian Roszko posted a tweet to explain it. Max said: “H2H means that RenVM will be able to link the native coins and tokens between the chains it supports, thus becoming a full-scale bridge… RenVM will move from supporting seven assets, mainly from legacy coins such as BTC and DOGE, to also be able to support most tokens in the crypto space, which number in the thousands. ‘ Major interoperability is coming. ”

Energy Web Token (EWT)

Energy Web Chain claims to be “the world’s first open source enterprise blockchain platform suitable for the energy industry.”

Energy Web Chain was launched in 2019 by Energy Web (EW), which is “a global non-profit organization accelerating a low-carbon, customer-centric power system by unleashing the potential of open source and decentralized technologies. “. EW is focused on “building core infrastructure and shared technology, accelerating adoption of business solutions, and promoting community of practice.”

This is how EW presents EW Chain:

“The EW chain is a public blockchain network open to all utilities, users and devices. With a virtual machine identical to public Ethereum, developers can start writing smart contracts and dApps with little to no additional learning curve. The enterprise-grade EW chain boasts high scalability, low transaction costs, and low power consumption, thanks to its authorized proof of authority consensus.

The Energy Web Token ($ EWT) is EW Chain’s native utility token. EW claims that $ EWT “protects the network from bad behavior, compensates validators through transaction fees and blocks validation rewards, and can be used to pay for middleware services that streamline and improve dApps.”

Swope says:

“Energy Web recently updated its Validator Code of Conduct, and there is an obvious rent seeking section…

“Annuity-seeking is defined as validators liquidating more than 10% of their reward balance en bloc within a given 30-day period. “

“The validators who were looking for annuities are gone. Those who have dumped a lot when the price goes up. You should also know that something important is happening for Energy Web by the end of the year: staking. Last week they announced a recall period for early players, over 21% APY. ”

Disclaimer

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.

Image credit

Image presented by “Maklay62” via Pixabay

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